Treasury Secretary Scott Bessent is emerging as a possible contender to succeed Jerome Powell as Chair of the Federal Reserve, according to a growing number of advisers both inside and outside the Trump administration.
President Donald Trump signaled on Friday that he would name a successor to Powell “very soon,” ahead of the end of Powell’s term in May 2026. Among the shortlist of potential candidates is Kevin Warsh, a former Federal Reserve official who was previously interviewed by Trump for the Treasury Secretary role in November, according to individuals familiar with the process.
“Very soon,” Trump said when asked about announcing Powell’s replacement.
Bloomberg reported that Trump advisers are actively pushing for Bessent to be considered for the top role at the Fed. The idea of nominating the current Treasury Secretary is gaining traction even as Warsh remains a leading contender.
“Scott Bessent could succeed Jerome Powell,” Bloomberg noted, citing insider support.
As CoinGape previously reported, Warsh has long been seen as the frontrunner to take over from Powell. However, Bessent’s growing support could potentially alter the dynamics of the selection process. Formal interviews for the Fed Chair role have not yet begun, sources say.
Trump himself has publicly acknowledged Warsh as a serious candidate.
“Warsh is very highly thought of,” Trump said when asked whether the former Fed Governor could replace Powell.
Despite the growing speculation, the White House denied the Bloomberg report, calling it false and stating there are currently no plans for Bessent to take over Powell’s position.
Powell’s term runs through May 2026, and while it’s unlikely Trump would remove him before that date, the president has remained openly critical of Powell’s leadership and monetary policy. Trump has repeatedly called for the Fed to cut interest rates, most recently urging a 100 basis point reduction.
Alongside Bessent and Warsh, Judy Shelton, a former Trump nominee to the Fed Board, has also reemerged as a possible candidate. According to Polymarket data, traders assign a 19% probability that Shelton could be named the next Fed Chair if Trump announces a successor this year.
However, odds still suggest it may take time for an official decision — with a 52% chance that Trump won’t name a new chair before December 31.
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